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Bolivia awaits promulgation of MERCOSUR entry law

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La Paz, Jul 4 (Prensa Latina) Bolivia awaits the promulgation by the Executive of the protocol of Bolivia's membership in the Southern Common Market (MERCOSUR) after its approval and sanction by the Senate.

“The Chamber of Senators sanctions the law that ratifies the Protocol of Accession of the Plurinational State of Bolivia to the Southern Common Market (MERCOSUR). Highlighting an important step towards the country’s regional and economic integration in this South American bloc,” it was reported at the end of the session.

After the unanimous approval of the protocol, the law must be promulgated by President Luis Arce, after which Bolivia will have a period of up to four years to adopt all the regulatory baggage of the bloc and consolidate the free reciprocal trade with Brazil, Argentina, Uruguay and Paraguay.

After the process is completed, Bolivians will have a series of benefits such as the free circulation of goods, services and productive factors throughout this area. Likewise, customs obstacles and non-tariff restrictions on the circulation of merchandise and any other equivalent measure will be eliminated for them.

With Bolivia’s membership in MERCOSUR, more than two million Bolivian residents in the bloc’s member countries will acquire the status of MERCOSUR Citizens, which offers them rights and benefits that will improve their quality of life.

Brazilian Ambassador to Bolivia Luis Henrique Sobreira López highlighted the determination and said that “Bolivia, being a country that is located in the heart of South America, participates in all integration movements that we have, now also in MERCOSUR.”

He described the voted agreement as a sovereign decision, and indicated that all the full members of MERCOSUR internally approved Bolivia’s decision to join and be taken as a member of the bloc.

President Arce will attend the Summit of MERCOSUR Heads of State to be held in Paraguay on July 8.

The Deposit of the Instrument of Ratification of the Protocol of Accession to MERCOSUR must be formalized at the Ministry of Foreign Affairs of Paraguay during the Summit.

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